Silver prices stabilized on Wednesday, holding onto their gains that they hit in recent sessions; currently, the white metal is awaiting further positive momentum to extend the rally for a seventh consecutive session.

Scenario 1:

Silver is currently trading near the first resistance level at $87.80, if it manages to break through and sustain trading above, it may continue to rise toward the next resistance level at $89.25.

Scenario 2:

If silver prices settle below the first resistance level at $87.80, they may test the daily pivot point at $86.11. It should be noted that if the price remains below the aforesaid pivot point, it could put downward pressure on prices, pushing them toward support levels at $84.54 then $83.16.

Top News:

Markets are now awaiting the release of the U.S. Producer Price Index (PPI), a key inflation indicator that measures changes in wholesale prices. Investors will closely look at the data for further signals on inflation trends and the Federal Reserve’s future interest rate path.